Change Monzo pot type

Feedback & Ideas
1

Ok… I don’t think I’m the only one who thinks Pots need a bit of work…

I have been with Monzo for a long time now… and I have Pots for lots of different stuff… and multiple savings pots with Investec and OakNorth…

Why / When are we going to get the ability to easily and simply change a Pot type…

For example… I have an iPhone pot where I save £50 a month for 2 years to buy my next iPhone… this pot has just reached £500… so ideally I want to press a button within that pot, select a savings provider and have it automatically do the rest in the back end… boom… I now get interest…

That in my eyes would be making my money work easily and simple…

Does anyone agree?

2

I agree it would be handy. It would save making a new pot etc. But it’s not something which comes up all that often, I guess.

3

True… but there again… I have 2 other pots that are savings pots and since making them new providers have been added with better rates so switching with the click of a button would be sooooo handy!

It would also save moving money out of a pot, closing it, opening a new one adding money…

1 Like
4

It would also be nice for it to possibly work the other way…

Your balance drops below £500, turn it into a normal pot instead.

2 Likes
5

Interesting idea.

Though if you’re spending £50 a month for 2 years… why don’t you just get a 24 month contract for around the same for the iPhone anyway? (Which would include data etc, which you’d pay on top of your current amount if you got PAYG).

6

There have already been a couple of suggestions for this, so perhaps some kind person can merge them all into whoever came up with the idea first, or something?

2 Likes
7

Ahhh but with a contract, I have no choice but to pay… if one month I need the £50 for something else I can :slight_smile:

You also get better data etc on SIM deals I feel

2 Likes
8

Yeah it’s always cheaper to go SIM only and buy the handsets outright.

2 Likes
9

My pixel 1 was cheaper on contract. £30 a month within a month of release, cashback and free electronic crap with it. Throw in 8gb of data and unlimited calls and texts for that price too, and it was with Vodafone.

10

You do for data, agreed. And I get that you don’t have to pay each month. But if you consistently put £50 away a month that’s just for the handset, not the data plan too.

Meanwhile I put £42 a month to O2 for my phone AND 100GB of data. So it’s much cheaper in the long run.

(And the phone is 0% interest so I’m paying exactly the same as you for it)

11

Don’t save £50 month have a look at the last Monzo journal email, I do 1p pot Over a year = £600 plus and a decreasing 1p pot = 600 plus a year have a look